Rally in Regulated Crypto Stocks as OANDA Acquires Coinpass
Date: 2023-08-22 Author: Karina Ziganova Categories: BLOCKCHAIN, IN WORLD
Trading platform OANDA has announced it has acquired a majority stake in Coinpass Limited, a UK-based crypto asset company registered with the Financial Conduct Authority (FCA).
The acquisition, which integrates a reputable cryptocurrency trading platform into OANDA's existing multi-asset offerings, is seen as a direct response to the growing demand for safe and secure access to digital assets in the UK market.
OANDA's move into crypto is also in line with a notable upward trend in UK crypto ownership, which more than doubled in 2022, according to an FCA consumer survey released in June 2023.
Founded in 2018, Coinpass has carved its niche by providing UK retail investors, professional traders and businesses with a platform to invest and trade cryptocurrencies. Offering a variety of products including fiat/crypto pairs, crypto/crypto and stablecoins, it was named “Best Cryptocurrency Exchange Platform” at the CityAM CryptoAM Awards 2020.
The partnership with Coinpass, one of the few FCA-listed crypto exchanges, will allow OANDA to expand its cryptocurrency trading offering in the UK market. This offers retail traders and investors a regulated path to the digital economy. In addition to serving corporate clients, Coinpass will also expand its corporate capabilities to allow other firms to enter the UK cryptocurrency market.
OANDA CEO Gavin Bambery expressed his enthusiasm for the acquisition, stating:
“By adding Coinpass’s regulated cryptocurrency trading offering to OANDA’s existing multi-asset offering, we will significantly expand our footprint and broaden our appeal to the growing UK retail investor base.”
He also stressed that the move signals an exciting new phase of OANDA's growth, providing the company with a global footprint.
Jeff Hancock, CEO of coinpass.com, echoed Bambery's take on the acquisition. He affirmed that OANDA's market vision and extensive product offering were critical factors that made their partnership as a long-term equity investor vital to Coinpass's continued growth.
This event follows OANDA's recent launch of operations in Europe, specifically in Warsaw, Poland, under the management of KNF's financial regulator, the Polish Financial Supervisory Authority (PFSA). As LeapRate reported on March 17, the expansion into the EU market was preceded by a strategic exit from Malta and the acquisition by OANDA of the Polish broker Dom Maklerski TMS Brokers SA, renamed OANDA TMS.
Clearly, OANDA's strategic moves, including the acquisition of Coinpass, are setting the stage for an ambitious global expansion in digital finance. I
